Why Logbook Loans
Widely popular and easily accessible, it's no surprise that logbook loans are now one of the top personal loan options in the UK today. Advertised with the promise of quick cash even with bad credit under your belt, logbook loans offer consumers who are otherwise refused a personal loan a quick fix solution to immediate financial problems.
Whether you need cash for rent, overdue bills or medical expenses, taking out a logbook loan seems like a viable option. The financial product, however, is not without its downsides. For one, logbook loans are extremely expensive. Since there are no credit checks involved, lenders compensate for the high risks with hefty interest rates. Then there's the risk of repossession. In case you can't repay for the loan, you may lose your car along the way.
While disadvantageous in some ways, logbook loans continue to thrive for its advantages. Here are some reasons why logbook loans may make sense for your situation:
If you're of legal age, a resident in the UK and is a vehicle owner, you can apply for a logbook loan and get approved in 24 hours or less. This is of course provided that you have all the necessary documents ready beforehand. Most lenders are now offering same day approval to beat the competition. If you need cash fast, logbook loans can give you that within the same day you applied for the loan.
No Credit Check
Other than the promise of quick cash, the best advantage with logbook loans is the fact that it does not require a credit check. Lenders do not run credit checks on their applicants making it possible for people with bad credit to avail a personal loan fast and hassle-free. Logbook loans are especially ideal for people who have been refused a loan elsewhere. No matter your credit score and your needs, logbook loans may be the answer to your financial troubles.
Logbook loans also promise flexible loan terms. In terms of loan amounts, for example, you can borrow anywhere from £500 to £50,000 or up to 70% of your car's official trade value. You can borrow to meet a wide variety of financial needs and your lender wouldn't event require you to disclose the reason behind the loan. As for repayment terms, you can pay the loan within 12 to 36 months which you can tailor according to your budget.